Friday 31st October 2025

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There are clear differences between the Australian and New Zealand economies right now, and Phil explores them with BNZ’s Doug Steele and NAB’s Gareth Spence. Doug talks of New Zealand’s rolling recession, with three years of slow GDP per capita growth, weak domestic demand and rising unemployment. Gareth paints a rosier picture for Australia, where headline GDP has been driven by strong population growth which has helped to lift business confidence. But there are similarities - inflation risks, rising unemployment and no clear answer to stalled productivity. How much of the difference between the two economies can be blamed on the comparative approach by each central bank, and how much room do they have to manoeuvre if things turn south?

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